IFC invests in IIM incubated energy efficiency start-up firm

MUMBAI: World Bank group member International Finance Corporation ( IFC) today said that it has invested USD 1 million in the IIM Ahmedabad-incubated energy efficiency start-up Ecolibrium Energy.

Ecolibrium Energy provides technology platform to industrial and commercial enterprises to monitor and optimise electricity use in operations, a statement from IFC said.

This is the first investment under Cleantech Innovation Facility jointly funded by IFC and IFC-GEF Earth Fund, which is mandated to make equity investments totalling upto USD 60 million in early stage clean technology companies.

The investment will help Ecolibrium expand its presence, the statement said.

Ecolibrium is incubated by Indian Institute of Management, Ahmedabad's business incubator Centre for Innovation, Incubation and Entrepreneurship, which will invest USD 500,000 in this round of funding.